BMO reduces account minimum for BMO SmartFolio

BMO Wealth Management announced this week changes to its BMO SmartFolio platform. In particular, it has reduced its account minimum by 80 per cent, from $5,000 to $1,000.

"Canadians are much more comfortable with digital investing and the increased demand for digital investing solutions is age agnostic," said Silvio Stroescu, Head of Digital Investing, BMO Wealth Management. "Having been in-market with BMO SmartFolio for two years, we've gained valuable investor insights. This is an area of focus for us and we will continue to evolve our digital investing experience to inspire even more Canadians to invest smarter."

Minimum account fee eliminated

The company also announced other changes to the platform. The minimum account fee of $60 per year has been eliminated and existing clients will receive $50 when they refer a friend or family member to begin investing with a BMO SmartFolio account. The website has also been redesigned to be simpler, more interactive and personalized.